We had another pretty good week overall on the leadership list, with gainers outnumbering decliners, and although there were few big gainers, there were no big decliners.
CSTR was the biggest gainer. This one gapped up big on earnings early this month, but promptly sold off and formed the dreaded black candle. This did not hold the top of the gap, and never came in to fill the gap, so it never really gave a good entry point. About the best you could get was to buy when it went up over the top of the gap early this week, as the top of the gap should be support now. This will be a pretty good test of the "pivot point projection" system: I have a target projected of 66.67. With a rapidly rising price relative line, it just might hit it.
MNST (formerly HANS) was the second biggest gainer. This one actually dropped briefly on earnings, but quickly reversed and made a pretty big gain yesterday. It has a decently string price relative line, but declining CMF. This gapped up in mid January, setting the lower boundary of a new trading range, hit a peak of about 54 about a week and a half later, which, according to past observations, sets approximately the mid point of the range. That would put the upper end of the range at 58.86. I usually watch this one pretty closely, so this one will also be a good test of the system.
ULTA was the biggest decliner, and as you can see it was not much of a decline. This not only has a strong price relative line, it has a big increase in CMF and a big drop in ATR. The small range I have drawn for it is actually part of a larger range going back to the gap in September, but the top I have projected for it at about 84 was pretty close to what this actually hit. That would mean the next move up would constitute a breakout. I have a report date of March 8 for this, which gives it plenty of timne to consolidate here.
FFIV was the second biggest decliner, and on this chart it almost looks like a gain (the blue arrows point to last Friday's candle: I did manage to remember we had a 4 day week). This one threw a little bit of a wrench in my pivot point theory here, since it has 2 gaps, either (or both) of which could be pivot points. If so, the target is 136. If the middle pivot point is actually at 113.66, then drop the target by about 4 points. Unfortunately charts don't come with instructions on how to interpret them.
